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Drudge Retort: The Other Side of the News
Tuesday, July 14, 2020

The U.S. budget deficit widened to a record-high $864 billion last month because of the federal government's extraordinary response to the coronavirus pandemic, the Treasury Department said on Monday. Federal spending rose to more than $1.1 trillion in June, more than twice what the U.S. government spends in a typical month. Before the pandemic, the previous biggest one-month deficit in the United States was $234 billion.

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"Big government deficits are the only thing keeping the U.S. economy on life support, and anti-deficit rhetoric threatens to pull the plug," said Nathan Tankus, research director at the Modern Money Network. "The alternative is mass defaults, evictions and bankruptcies, which will devastate the United States."
Just another reason Trump and his GOP are heading square into record-setting defeat come November. The very economic remedies that would provide needed help to actual Americans are anathema to the core Republican principles - unless they're opening the Treasury doors to shovel money out to Wall Street to keep it artificially inflated.

American households are facing a crisis most have never seen in their lifetimes while Trump's "greatest economy ever" smolders in ashes while the virus keeps major sectors of the global economy effectively moribund or operating at a fraction of its pre-pandemic capacity.

Don't think very many consider this 'winning'.

#1 | Posted by tonyroma at 2020-07-13 05:39 PM | Reply

The GOP are damned if they do, and damned if they don't.

They built the machine, now it eats them alive

Karma
Its delicious

#2 | Posted by ChiefTutMoses at 2020-07-13 05:44 PM | Reply

The t-shirts write themselves:

$2.74 Trillion (and counting) in federal deficits and all I got was a lousy $1,200 bucks!

#3 | Posted by tonyroma at 2020-07-13 06:04 PM | Reply

We sure could use some "economics majors" right now telling us how all this works

But you know, the perps have fled the crime scene.

Convenient

#4 | Posted by ChiefTutMoses at 2020-07-13 08:53 PM | Reply

But i was told by DICK Cheney that deficits don't matter. Surely I wasn't lied to.

:)

/s

#5 | Posted by billy_boy at 2020-07-13 09:49 PM | Reply

Umm, DICK Cheney literally doesn't have a pulse

Momma always said never trust a man with no pulse

GD, boy

#6 | Posted by ChiefTutMoses at 2020-07-13 10:30 PM | Reply | Newsworthy 1

Rich people in the country are stingy. If they can't dress it up in narcissistic altruism (Oprah and Sting included) put their name on it ... then it isn't a problem to be solved and goddamnit they need those tax write-offs to further remove money from the nation that provided the safe place and opportunity. It's like living in a world of Marie Antoinettes in charge of things.

#7 | Posted by RightisTrite at 2020-07-14 10:00 AM | Reply

The next Democrat president is going to have to answer for this!

#8 | Posted by anton at 2020-07-14 10:11 AM | Reply | Newsworthy 3

Quelle surprise!

New White House pitch: tax cuts for rich, odd advice for jobless

Kudlow ... outlined elements of a future aid package that the White House has pushed for weeks. Those include a payroll tax holiday on workers' wages and a "capital gains holiday," which would defer payment of capital gains taxes on new asset purchases, possibly for several years.

The problems with these ideas haven't changed: a payroll tax break is unlikely to have much of an effect given the current economic circumstances, and a "capital gains holiday" is little more than a tax break for wealthy investors who don't need the help right now.

www.msnbc.com

Rinse, repeat....

The GOP suffers from cognitive dissonance with their opposition to extending/maintaining the federal boost for unemployed, constantly worrying that workers getting more from being unemployed won't rejoin the workforce once they're able to. The obvious flipside being that every single penny these people receive will go immediately back into the economy as payments to creditors or spending to actually live - meaning that the effect this money has multiplies throughout the very economy suffering due to the pandemic in the first place.

I wish Republicans wouldn't think less of the workers than they do of the wealthy whose endless tax cuts and government-forced wealth transfers still haven't produced enough realized gains for actual workers.

#9 | Posted by tonyroma at 2020-07-14 10:17 AM | Reply

"The GOP suffers from cognitive dissonance"

Sounds like something huge tax cuts would fix!

#10 | Posted by Danforth at 2020-07-14 10:39 AM | Reply | Newsworthy 1

- The next Democrat president is going to have to answer for this!

#8 | POSTED BY ANTON

That's the Plan... an integral part of Starve the Beast.

#11 | Posted by Corky at 2020-07-14 10:55 AM | Reply | Newsworthy 1

Tsk tsk tsk Dems. This is Obama's economy. You agreed to it when he said it, now time to eat your own dog food. I mean, every smart person knows the Dems take credit for anything good but when things are bad, they point fingers at everyone else. But still, you wanted it to be your economy, so own up to it. Or admit you were wrong. Which, we all know, Dems will never do.

#12 | Posted by humtake at 2020-07-14 11:35 AM | Reply

The next Democrat president is going to have to answer for this!

#8 | POSTED BY ANTON

Don't forget that last Democratic President.

Everyone knows it is Obama's Fault!

Obviously.

#13 | Posted by donnerboy at 2020-07-14 01:36 PM | Reply | Newsworthy 1

"Everyone knows it is Obama's Fault!"

Little-known fact: Obama's Covid-19 testing was abysmal compared to Trump's.

#14 | Posted by Danforth at 2020-07-14 02:09 PM | Reply

"The next Democrat president is going to have to answer for this!"

Honestly, if Dems are confident they are going to win this year, the economy right now is a great thing. It will be great for whichever party wins. There is no doubt that once this covid has run its course, which will most likely be by end of year or beginning of next year, whoever is POTUS is going to be bragging BIGLY as the economy recovers and the country generates positive numbers like never before. And don't think those politicians don't already know this. It's a big reason why the Liberal media is sinking to abyssal depths to make sure the country thinks we are plummeting. The worse it looks today, the better it's going to look when we recover.

"Little-known fact: Obama's Covid-19 testing was abysmal compared to Trump's."

Rofl!!

#15 | Posted by humtake at 2020-07-14 02:42 PM | Reply | Funny: 1

"I mean, every smart person knows the Dems take credit for anything good but when things are bad, they point fingers at everyone else.
#12 | POSTED BY HUMTAKE AT 2020-07-14 11:35 AM | FLAG: "

So writes the supporter of President " I don't take responsibility at all" Trump. Priceless!

#16 | Posted by Foreigner at 2020-07-14 02:53 PM | Reply

There is no doubt that once this covid has run its course, which will most likely be by end of year or beginning of next year

Talk about Rofl!

#17 | Posted by jpw at 2020-07-15 01:54 AM | Reply

Does Humtake even understand why Danforth's joke is so funny?

#18 | Posted by danni at 2020-07-15 11:14 AM | Reply

""I mean, every smart person knows the Dems take credit for anything good but when things are bad, they point fingers at everyone else."

"Obama's 2009 Recovery Act Kicked Off Over 10 Years Of Economic Growth"

"Exactly 11 years ago today, February 17, 2009, President Obama signed the American Recovery and Reinvestment Act of 2009 or the Recovery Act into law. The $831 billion in spending kicked off the longest period of economic growth and job creation in American history."

www.forbes.com

That article was written Feb. 17, 2020.

#19 | Posted by danni at 2020-07-15 11:16 AM | Reply

...all this, and the Real --- hasn't
even hit the fan yet...(but it's about to)...

#20 | Posted by earthmuse at 2020-07-15 01:51 PM | Reply

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